Abstract
Macroeconomic management in the midst of a transition away from central planning involves a policy of counteraction: while transferring the control of productive assets away from the state, the state must convince economic actors to participate in a reverse flow and channel their surplus income flows and accumulations of financial assets into forms that the state can retain to maintain macroeconomic stability. This article scrutinizes the wider repertoire of policy actions (i.e., than letting prices clear markets) that Vietnam experimented with to maintain growth and stability in the initial years of its transition. These policies have postponed other changes that need to be addressed in the future in the context of an economy that already has an elevated level of external financing requirements.
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